Russian gas, roubles and realpolitik

If a European energy company puts up its prices, it may get a small cheer from its investors for preserving margins or, if it's unlucky, a slap on the wrist from a consumer group.

When a Russian company â albeit a big one â does the same, it precipitates a diplomatic incident, a crisis meeting of European Union officials, stock market turmoil and a rethink of the western world's energy policy. But while Gazprom's decision to increase the price of its gas to Ukraine from $50 to $230 per 1,000 cubic metres is a PR adviser's...